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Annual Management Report of Fund Performance Contains Financial Highlights but Does Not Contain the Complete Annual Financial Statements of the Fund

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Annual Management Report of Fund Performance Contains Financial Highlights but Does Not Contain the Complete Annual Financial Statements of the Fund MANAGEMENT REPORT OF FUND PERFORMANCE Harvest Global Gold Giants Index ETF December 31, 2020 Th e Fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure, can be obtained at your request, and at no cost, by calling us at 1-866-998-8298; by writing to us at Harvest Portfolios Group Inc., 610 Chartwell Road, Suite 204, Oakville, Ontario, L6J 4A5; by visiting our website at www. harvestportfolios.com; or on SEDAR at www.sedar.com. Harvest Global Gold Giants Index ETF CORPORATE OVERVIEW Harvest Portfolios Group Inc. (“Harvest” or the “Manager”) is a Canadian Investment Manager founded in 2009. Harvest is focused on developing investment products that follow three investment criteria. We (i) endeavor to develop investment products that are clear in their mandate and easy for investors to understand, (ii) strive to be transparent so that our investors can review their financial reports and know exactly what they own and (iii) seek to provide investors with consistent monthly or quarterly income by investing the fund portfolios in well managed companies that have a steady cash flow and dividend-paying history. INVESTMENT PRODUCT The Harvest Global Gold Giants Index ETF (the “Fund”) seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactive Global Gold Giants Index TR. The Fund primarily invests in large gold mining issuers that are listed on a regulated stock exchange in North America, Australia or in certain European countries. 1 Harvest Global Gold Giants Index ETF PRESIDENT’S MESSAGE Harvest Global Gold Giants Index ETF Unitholder letter March 2021 Dear Valued Investor, Thank you for your patience and persistence in what was an unprecedented year of disruption to human health, global economics and markets. As investors your resolve was truly tested, we have all grown to expect market corrections but to face the first truly global pandemic in 100 years, the ensuing economic fall out, a market correction of 35% in 4 weeks and the polarized divisions in American society leading up to and after the US election showed strength and belief in the longer- term direction of markets. Throughout all this disruption the US Fed has reinforced their desire to maintain record low interest rates for the next 2 years. These low rates have created a strong floor for stock markets as the alternative risk-free interest rate remains basically at “0”. I am of the belief that we are in a bottoming process of what has been a 40-year decline of interest rates which has alternatively led to the great bull market in bonds. This too I believe is in a “topping” process as rising rates will lead to dropping bond prices. This process may take the next couple of years to play out if the Fed holds to its policy; that said, their next move could (down the road) very well be higher. I am admittedly biased as I have never owned a bond in my investing career; rather I have always leaned towards equity ownership and the long-term growth and value add of great companies run by solid, competent management. As we finish 2020 and roll into 2021 the sentiment is that markets have got ahead of themselves and maybe we are due for a pull back. I would argue here that corrections of 5-10% are commonplace in bull markets and unless we see another Black Swan event like COVID-19, the economy should right itself over the coming 2 to 4 quarters and markets will move ahead as they historically have. I believe younger investors should always be looking for longer term growth through equities. For those looking at retirement, I was recently interviewed and asked about traditional bond/equity positioning. My thoughts again here are stay more heavily weighted to quality, dividend-paying equities or “Equity Income”. People are living longer; rates are low and if they eventually go higher the income will improve at a cost to your capital. Equity markets will move up and down but have averaged approximately 8% per annum (S&P 500 since 1957) which is an excellent rate of return while generating income over what could be 2 to 3 decades of retirement. Harvest has traditionally focused on large capitalization Equity Income ETFs and this will continue to be our core, but over the last couple of years we have built ETFs focused on long term secular growth trends which include smaller and medium capitalized companies with little to no dividends or option markets for income. Most recently we launched the Harvest Clean Energy ETF (HCLN) and the Harvest Travel & Leisure Index ETF (TRVL), both of which are based on great long-term growth themes. I encourage you to go to our website and find out more about them and their unique prospects. In conclusion, Harvest will remain true to our long-term equity bias focusing on growth industries and secular growth trends, choosing companies that we feel are best in class and generating attractive income within our Equity Income ETFs. On behalf of Harvest, I would like to thank you for your continued trust and investment in our products. Sincerely, Signed “Michael Kovacs” Michael Kovacs President and Chief Executive Officer 2 Harvest Global Gold Giants Index ETF MANAGEMENT DISCUSSION OF FUND PERFORMANCE The annual management report of fund performance contains financial highlights but does not contain the complete annual financial statements of the Fund. For your reference, the annual financial statements of the Fund are attached to the annual management report of fund performance. You may obtain additional copies of these documents at your request, and at no cost, by calling toll free at 1(866) 998-8298; by writing to us at Harvest Portfolios Group Inc., 610 Chartwell Road, Suite 204, Oakville, Ontario, L6J 4A5; or by visiting our website at www.harvestportfolios.com; or on SEDAR at www.sedar.com. Unitholders may also contact us using one of these methods to request a copy of the Fund’s proxy voting policies and procedures, proxy voting disclosure record, or quarterly portfolio disclosure. INVESTMENT OBJECTIVES AND STRATEGY The Fund seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Solactive Global Gold Giants Index TR (the “Index”). The Fund primarily invests in large gold mining issuers that are listed on a regulated stock exchange in North America, Australia or in certain European countries. In order to achieve its investment objectives and to obtain direct or indirect exposure to the Constituent Securities1 of the Index, the Fund may hold the Constituent Securities of the Index in approximately the same proportion as they are reflected in that Index or may hold securities of one or more exchange traded funds that replicate the performance of the Index, or a subset of such Index. The Fund will invest in its own portfolio comprised of various securities and instruments which may include, but are not limited to, equity and equity related securities. Equity related securities held by the Fund may include, but are not limited to, convertible debt, income trust units, single issuer equity options, preferred shares and warrants. If market conditions require, in order to preserve capital, the Fund may seek to invest a substantial portion of their respective assets in cash and cash equivalents. RISK The risks associated with investing in the Fund are as described in the prospectus. There were no material changes to the Fund over the period that affected the overall level of risk of the Fund. RESULTS OF OPERATIONS The Fund returned 29.04% compared to the Solactive Global Gold Giants Total Return Index of 30.19% for the period ended December 31, 2020. The Fund tracks the Solactive Global Gold Giants Index TR which provides investors with a low-cost vehicle to access the world’s largest gold companies listed on stock exchanges in select developed markets. The global pandemic that quickly erupted through the end of February caused significant disruptions to the markets and equally caused volatility levels, both realized and implied, to expand to extreme levels in many cases not seen even during the financial crisis of 2008. Uncertainty over the systemic disruptions and timing of any return to normalcy kept volatility at extreme levels for several months. The volatility and uncertainty were met swiftly with significant and in many countries, unprecedented stimulus, both monetary and fiscal. This allowed credit markets to stay fluid and provided some stability to the broader economic systems and resulted in overall extreme volatility subsiding toward early summer. While the vaccine rollouts have sparked some positive thoughts on the future, uncertainty remains in the near-term as to the duration and longer-term economic impact of the pandemic and systemic shutdowns. While the increased trade tensions between the US and China, and tensions between Iran and the US remain, they have moved to the background with the incoming Biden administration. The extreme measures taken by the Federal Reserve, and other central banks, to backstop corporate debt in the wake of the global pandemic, liquidity injections, money creation, and expanding debt levels all combined with ever more negative real interest rates across the curve. With this macro-backdrop, gold prices moved higher, as investors look to the yellow metal for safety from the potential fallout of all the unprecedented measures. Gold equities saw even larger moves than the price of gold alone, as margins expand, offering them leverage to the higher gold prices. The Fund was invested in the 20 largest global gold companies by market cap on an equal-weighted basis at the end of the period.
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